Once a German Sensation,
Deutsche Telekom Falls Hard

BERLIN -- Shares in Deutsche Telekom AG, whose conversion to a public company in 1996 ignited a boom in stock investments by everyday Germans, are in free fall.

Since hitting a high of 104 euros ($94.93) on March 6, 2000, Telekom shares in Germany -- which also trade in the U.S. in the form of depositary shares -- have fallen more than 80% to 18.08 euros Thursday. The sale of a huge block of the company's shares last week spooked...